MIRA INFORM REPORT
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Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SICHUAN
HUILI INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
4/F, No. 12 Dashi West Road, Qingyang District,
Chengdu, Sichuan Province 610000 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.04.2006 |
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Com. Reg. No.: |
510000000055552 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject
engaged
in international trade. |
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No. of Employees : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaint |
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Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – June 30th,
2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned
system to a more market-oriented one that plays a major global role - in 2010
China became the world's largest exporter. Reforms began with the phasing out
of collectivized agriculture, and expanded to include the gradual
liberalization of prices, fiscal decentralization, increased autonomy for state
enterprises, creation of a diversified banking system, development of stock
markets, rapid growth of the private sector, and opening to foreign trade and
investment. China has implemented reforms in a gradualist fashion. In recent
years, China has renewed its support for state-owned enterprises in sectors it
considers important to "economic security," explicitly looking to
foster globally competitive national champions. After keeping its currency
tightly linked to the US dollar for years, in July 2005 China revalued its
currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals.
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Source : CIA |
COMPANY NAME & ADDRESS
SICHUAN HUILI INTERNATIONAL TRADE
CO., LTD.
4/F, NO. 12
DASHI WEST ROAD, QINGYANG DISTRICT, CHENGDU
SICHUAN
PROVINCE 610000 PR CHINA
TEL: 86
(0) 28-84081028/87023815/87012632
FAX: 86
(0) 28-87023563
EXECUTIVE SUMMARY
Date of Registration : april 26, 2006
REGISTRATION NO. : 510000000055552
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 5,000,000
staff : 45
BUSINESS CATEGORY : trading
Revenue :
CNY 240,390,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 4,720,000 (AS OF DEC. 31, 2011)
WEBSITE : www.schlda.com
E-MAIL :
master@schlda.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.22 = USD 1
Adopted abbreviations (as
follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 510000000055552 on April 26, 2006.
SC’s Organization Code Certificate
No.: 78669034-8
SC’s Tax No.: 5190786690348
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Legal representative |
Qi Dongming |
Hu Wei |
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Registration No. |
5100001823977 |
510000000055552 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chengdu Zhongsheng Industry Development
Co., Ltd. |
51 |
|
Zhao Gang |
19 |
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Xu Yong |
15 |
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Chen Xiaoping |
15 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Hu Wei |
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Supervisor |
Chen Xiaoping |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chengdu Zhongsheng Industry
Development Co., Ltd. 51
Zhao Gang 19
Xu Yong 15
Chen Xiaoping 15
Chengdu Zhongsheng Industry Development
Co., Ltd.
==========================================
Date of Registration: November 10, 1999
Registration No.: 510106000088988
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 8,000,000
Add: No. 83 Xiaolongqiao Road, Xinhong Road,
Chenghua District, Chengdu, Sichuan Province
Tel: 86 (0) 28-82974877
MANAGEMENT
Hu Wei, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Chen Xiaoping, Supervisor
Ø
Gender: F
BUSINESS OPERATION
SC’s registered
business scope includes wholesale and retail of commodities, international
trade.
SC is mainly
engaged in international trade.
SC’s
products mainly include: general merchandise, the stationery and sporting
goods, electronic and information products, wood and wooden products, shoes and
boots, decorative lighting and lamps, and mechanical and electronic products.
SC sources its merchandise 95% from domestic market, mainly Sichuan, and 5% from overseas market. SC sells 5% of its products in domestic market, and 95% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Zhongzhu Paper Group Co., Ltd.
Maquinaria Alemana Sac
B&F Shoe, Inc.
Summer Lake International Inc.
*Major Supplier:
============
Chengdu Fangyu Shoes Limited Company
Staff & Office:
--------------------------
SC is
known to have approx. 45 staff
at present.
SC rents an area
as its operating office of approx. 400 sq. meters at the heading address.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and ability
to pay. It is based on the 3 weighed
factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent payment record: None in our
database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
Basic Bank:
Huaxia Bank Chengdu Branch
AC#: 80403438
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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Long term investment |
0 |
0 |
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Total assets |
115,790 |
102,250 |
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------------- |
------------- |
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Total
liabilities |
111,130 |
97,530 |
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Equities |
4,660 |
4,720 |
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------------- |
------------- |
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Revenue |
-- |
240,390 |
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Profit before
tax |
-- |
100 |
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Less: profit tax |
-- |
40 |
|
Profits |
-- |
60 |
Note: The detailed financials for Y2010 & Y2011 are not available in
SAIC.
Important Ratios
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Liabilities
to assets |
0.96 |
0.95 |
|
*Net profit
margin (%) |
-- |
0.02 |
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*Return on total
assets (%) |
-- |
0.06 |
|
*
Revenue/Total assets |
-- |
2.35 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.53 |
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UK Pound |
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for
credit transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly
Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited
with full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
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-- |
NB |
New
Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.